Stocks making the biggest moves in the premarket: Hibbett, Silvergate Capital, Chemours and more
Take a look at some of the biggest movers in the premarket:
Hibbett (HIBB) – The sporting goods retailer's stock slid 5.7% in the premarket after it missed top and bottom line estimates for its latest quarter. Hibbett was hit by higher expenses which cut into its profit margins, although the company reaffirmed its full-year forecast.
Silvergate Capital (SI) – The digital assets bank's shares fell another 2.4% in the premarket, extending yesterday's 11.1% loss. The decline followed the bankruptcy filing by cryptocurrency lender BlockFi. Silvergate's extended losses come despite a statement that it has minimal exposure to BlockFi.
Chemours (CC) – Chemours tumbled 6.1% in premarket trading after the chemical maker said its full-year earnings were tracking slightly below the low end of its prior guidance range. Chemours pointed to a significant decline in demand for titanium dioxide, particularly in Europe and Asia.
Generac (GNRC) – Generac fell 2.6% in premarket action after Jefferies downgraded the stock to "underperform" from "hold," citing the potential impact of electric vehicle bidirectional charging on sales of Generac's backup power products.
United Parcel Service (UPS) – UPS gained 1.4% in the premarket after Deutsche Bank upgraded the delivery service's stock to "buy" from "hold." The move reverses last year's downgrade, with Deutsche Bank saying the concerns that prompted the downgrade at that time — including the macroeconomic environment and an impending labor negotiation — are now fully reflected in the stock's price.
Apple (AAPL) – Apple edged higher in premarket trading following yesterday's 2.6% drop, which came in the wake of reports out of China that unrest at Foxconn's iPhone factory could result in a shortfall of 6 million iPhone Pro units.
Bilibili (BILI) – Bilibili surged 10.3% in the premarket after the China-based internet company reported better-than-expected profit and revenue for its latest quarter. The company's daily and monthly active users increased by 25% over a year earlier.
HSBC (HSBC) – HSBC struck a deal to sell its Canadian unit to the Royal Bank of Canada for $10.1 billion in cash. HSBC jumped 4.3% in premarket trading.
Roku (ROKU) – Roku shares fell 2.9% in premarket action after KeyBanc downgraded the video streaming device company's stock to "sector weight" from "overweight," saying several facets of its bullish thesis on Roku failed to play out.